Secretary General of the ruling Muslim League and Chairman of the Senate's Foreign Relations Standing Committee Mushahid Hussain has lauded the present government's five year achievements and said it had restored country's financial sovereignty and minimised foreign creditors pressures.
Addressing the concluding session of the 10th Management Accountants International Conference here on Sunday he said that Pakistan had achieved macro economic stability and that all macro economic indicators like current account balance, fiscal balance, exchange rate, foreign exchange reserves point clearly to a positive direction. "Comprehensive strategy launched by President Pervez Musharraf have yielded favourable results and the country has achieved a remarkable economic turnaround", he emphasised.
Mushahid Hussain, who was Minister of Information and Broadcasting in the previous regime, said that" in 1999 along with high fiscal deficit, Pakistan was faced with rising and unmanageable external debts but with re-profiling of debt, substitution of non concessional loan by concessional loans, early repayment of expensive commercial and short term debts, the government had brought the unmanageable debt under control".
He said that the Parliament was considering a legislation called fiscal responsibility and debt limitation law to give complete autonomy to Central Bank, SECP and CBR to bring financial discipline and curtail reckless spending, excessive borrowing and supremacy of law. He also spoke at length about the government's measure to attract investment, develop infrastructure, broaden tax net, alleviate poverty, diversify exports and develop human resources.
Earlier President of Institute of Cost and Management Accountants of Pakistan Mohammad Rafi spoke about the role of accountants in various public and private sectors for the success of business and said "the accountants create value with their planning, control and decision making skills."
He said that professionals of accountancy enforce good corporate governance by promoting accountability, transparency compliance with rules and regulations in organisations. " By strengthening effectiveness and efficiencies in business operations they minimise cost of production, creating competitive edge for them.
In his concluding remarks, Professor Dr Kh. Amjad Saeed stressed the role played by the management accounting profession in value creation, strategy formulation and implementation, planning, control and decision support, enforcement of corporate governance, compliance with rules and regulations etc.
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